KeyCorp'sboard recommends shareholders reject a proposal by investor Gerald Armstrong toseparate the chairman and CEO roles. The shareholder is again pushing the company to adopt a policy requiring thatthe chairman be an independent director.
Armstrong, who owns 20,080 shares of the company, plans to floathis proposal at the 2016 annual shareholder meeting May 19, according to a definitiveproxy statement filed April 6. The board said it should maintain the flexibilityto determine the most appropriate leadership structure for the company instead ofadopting this shareholder proposal's "one-size-fits-all" approach, andthe board currently believes that it is in the best interests of KeyCorp and itsshareholders to keep the chairman and CEO roles combined.
Beth Mooney serves as chairperson, president and CEO at KeyCorp,according to SNL records.
In May 2015, KeyCorp shareholders shot down the same proposal by Armstrong at their 2015 annualmeeting.